Vietnam Imports 15,000 Cars in Q1, up 605 per cent on Year

Vietnamese car traders were estimated to have imported 5,000 cars valued at US$293 million into the country in the first quarter of this year, up 605.2 per cent on year in volume and 497 per cent in value, the General Statistics Office (GSO) said Thursday.

 

In March, they imported 5,000 cars worth of US$95 million, GSO noted.

 

Vietnam approved March 11 to increase import tax on cars to 70 per cent from 60 per cent with an aim to reduce traffic jams and accidents. The country reduced car import tax three times in 2007 to 60 per cent from 90 per cent aiming to follow the WTO’s commitments and cool down the locally made car prices.

 

Vietnam automobile traders are forecast to import US$413 million worth of cars in 2008, up 116 per cent on year, state media cited the Ministry of Trade and Industry.(GSO March 2008)